CFBank Completes Sale Of Its Columbiana County, Ohio Branches.

Rhea-AI Summary

CFBank, a subsidiary of CF Bankshares Inc. (NASDAQ: CFBK), announced the sale of its two branches in Columbiana County, Ohio, to Consumers National Bank for a deposit premium of approximately $1.9 million. This transaction involves the transfer of $104 million in deposits and $28 million in earning assets. The sale aligns with CFBank's strategy to focus on growth in Metro markets and is expected to enhance operational efficiencies.

Positive

• Realized a deposit premium of approximately $1.9 million from the sale.
• Transferred $104 million in deposits and $28 million in earning assets, strengthening balance sheet.

Negative

• None.

COLUMBUS, Ohio, July 19, 2021 /PRNewswire/ -- CFBank, the wholly-owned banking subsidiary of CF Bankshares Inc. (NASDAQ: CFBK) today announced that it has completed the sale of its two Columbiana County, Ohio Branches to Consumers National Bank realizing a deposit premium of approximately $1.9 million.  The sale involved the transfer of deposits totaling approximately $104 million and earning assets of approximately $28 million.  The sale of the branches will allow CFBank to invest in the growth and expansion in its Metro markets, better fitting the CFBank Commercial Banking driven business model.  In addition, CFBank expects this sale to positively impact its operations through increased efficiencies.  Additional details can be found in CFBank's December 29, 2020 press release, which can be accessed at: https://investor.cfbankonline.com/news-events/default.aspx

About CF Bankshares Inc. and CFBank
CF Bankshares Inc. is a financial holding company that owns 100% of the stock of CFBank, National Association (CFBank). CFBank is a boutique Commercial bank headquartered in Columbus, Ohio. CFBank has focused on bettering the Ohio economy and serving the financial needs of closely held businesses since 1892. Over a century has passed, and yet, our focus remains the same: guide fellow Ohioans to financial stability and success with agility, ease, and care. CFBank grew from a Federal Savings Association to a National Bank in December of 2016. As CFBank has expanded, we have maintained our penchant for individualized service and direct customer access to decision makers. CFBank now has a presence in four major metro markets - Columbus, Cleveland, and Cincinnati, Ohio and Indianapolis, Indiana.  In every location, CFBank provides commercial loans and leases, commercial and residential real estate loans and treasury management depository services, corporate treasury management, residential lending, and full-service retail banking services and products. CFBank is also glad to offer its clients the convenience of online internet banking, mobile banking, and remote deposit.

Additional information about the CF Bankshares Inc. and CFBank is available at www.CFBankOnline.com

FORWARD LOOKING STATEMENTS
This press release and other materials we have filed or may file with the Securities and Exchange Commission ("SEC") contain or may contain forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Reform Act of 1995, which are made in good faith by us.  Forward-looking statements include, but are not limited to: (1) projections of revenues, income or loss, earnings or loss per common share, capital structure and other financial items; (2) plans and objectives of the management or Boards of Directors of CF Bankshares Inc. or CFBank; (3) statements regarding future events, actions or economic performance; and (4) statements of assumptions underlying such statements.  Words such as "estimate," "strategy," "may," "believe," "anticipate," "expect," "predict," "will," "intend," "plan," "targeted," and the negative of these terms, or similar expressions, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.  Various risks and uncertainties may cause actual results to differ materially from those indicated by our forward-looking statements, including, without limitation, impacts from the ongoing COVID-19 pandemic on local, national and global economic conditions in general and on our industry and business in particular, including adverse impacts on our customer's operations, financial condition and ability to repay loans, changes in interest rates or disruptions in the mortgage market, and the effects of various governmental responses to the pandemic, including stimulus packages and programs; uncertainty regarding the impact of changes in the U.S. presidential administration and Congress on the regulatory landscape, capital markets and responses to the COVID-19 pandemic; and those additional risks detailed from time to time in our reports filed with the SEC, including those identified in "Item 1A.  Risk Factors" of Part I of our Annual Report on Form 10-K filed with SEC for the year ended December 31, 2020.

Forward-looking statements are not guarantees of performance or results.  A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement.  We believe that we have chosen these assumptions or bases in good faith and that they are reasonable.  We caution you, however, that assumptions or bases almost always vary from actual results, and the differences between assumptions or bases and actual results can be material.  The forward-looking statements included in this press release speak only as of the date hereof.  We undertake no obligation to publicly release revisions to any forward-looking statements to reflect events or circumstances after the date of such statements, except to the extent required by law.

View original content:https://www.prnewswire.com/news-releases/cfbank-completes-sale-of-its-columbiana-county-ohio-branches-301336439.html

SOURCE CFBank

FAQ

What is the significance of CFBank's branch sale on July 19, 2021?

CFBank sold its two Columbiana County branches to Consumers National Bank, realizing a deposit premium of approximately $1.9 million and focusing on growth in Metro markets.

How much did CFBank transfer in deposits during the branch sale?

CFBank transferred approximately $104 million in deposits as part of the branch sale.

What assets did CFBank transfer with the sale of its branches?

The sale involved the transfer of earning assets totaling approximately $28 million.

What impact will the branch sale have on CFBank's operations?

The branch sale is expected to enhance operational efficiencies and allow CFBank to invest in growth and expansion in Metro markets.